WS #12352
The US-Iran conflict continues to escalate, with Iran launching attacks on US allies (Kuwait, Bahrain, Jordan) and the US striking Iranian infrastructure including bridges and power plants. Iran's Supreme Leader issued a written message calling US commitments 'worthless and invalid.' Oil prices are rising, with Brent near $90/barrel and WTI above $82. The Strait of Hormuz remains effectively closed. This is an ESCALATING situation. Separately, China's Moonshot AI released Kimi K3, a 2.8 trillion parameter open-source model, causing a selloff in US semiconductor stocks (NVDA, AMD) and a rotation into Apple, which overtook Nvidia as the world's most valuable company. Apple also filed a lawsuit against OpenAI for alleged trade secret theft. Abbott Laboratories reported a Q2 beat-and-raise, with revenue up 13% YoY. The AI trade rotation from semiconductors to hyperscalers continues, with IBM's warning last week still reverberating.
Topics
Key developments
- Iran attacks US allies (Kuwait, Bahrain, Jordan) as US strikes Iranian infrastructure; Strait of Hormuz remains closed
- China's Moonshot AI releases Kimi K3, a 2.8T parameter open-source model, triggering US semiconductor selloff
- Apple overtakes Nvidia as world's most valuable company amid AI trade rotation
- Apple sues OpenAI for alleged trade secret theft by former employees
- Abbott Laboratories Q2 beat-and-raise: revenue up 13% YoY, raises FY26 EPS guidance